The Chatham-Kent Workforce Planning Board has about $24,000 burning a hole in its pocket and would prefer to see the funds in the hands of local small businesses.
Kristy Jacobs, project manager for the board, said they have re-launched a micro-lending program for start-up companies.
“We’ve got some money and we want to get it into the hands of the entrepreneurs that need it,” she said. “Small business is the backbone of the Chatham-Kent economy and we want to support it any way we can.”
Statistics show that there are nearly 10,200 businesses in Chatham-Kent, with 7,158 of them being one-person operations. Jacobs said self-employment is growing at twice the rate of paid employment in Canada right now.
The micro lending program, offering loans from as little as several hundred dollars to as high as $5,000, is geared heavily towards the little guy, Jacobs said.
“One of the things the Workforce Planning Board does is support the entrepreneurial mindset. We’re trying to help folks with solid business ideas who maybe don’t qualify for traditional lending methods,” she said.
Community partners include Employment and Social Services, Prosperity Round Table, United Way, Small Business Centre, Chatham-Kent Chamber of Commerce, Community Futures Development Corporation, and Main Street Credit Union.
Jacobs said in 2014, the board, with special funding from the Ontario Trillium Foundation, commissioned a research feasibility study that found there was a need for a micro-lending program in the community.
A pilot program launched in the fall of 2015 with very limited success. The working group realigned the program.
With the re-launch of the micro-lending program, the process is much simpler, Jacobs said. Interested parties can come to the board office on King Street and a staff member will work with them to complete the application process.
“It depends on need. We’ve got a pool of about $24,000. This money isn’t doing anybody any good sitting in the bank. We’d like to inject $24,000 into local small businesses,” she said.
The program re-launched April 19, and Jacobs said the board had inquiries that same day.
“I’m really optimistic that it is going to take off,” she said.
While the zero-employee entrepreneurial operations are the main target for the program, Jacobs said small businesses with staff could also qualify.
“If they have staff, it’s something we’d look at, but it is the small start-ups we’re looking at. If it’s a zero-employee operation who is looking to add staff, we’d definitely be interested in helping,” she said. “That’s great for the community.”
Contact CKWorkforce@chatham-kent.ca or call 519-436-3299 to set up your personal appointment to learn more about the program and complete an application.
